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CapitaLand revealed that its subsidiaries and associates have agreed to divest their respective equity interests in six malls in India as well as in a property manager for $71.5 million.
Held under six special purpose vehicles, the malls, which are located in Bangalore, Mangalore, Hyderabad, Mysore, Cochin and Udaipur, are sold to Prestige Retail Ventures Limited.
The 50 percent equity stake in CapitaLand Retail Prestige Mall Management Private Limited (CRPMM), which serves as the property manager of the malls in Bangalore, Mangalore and Hyderabad, was also sold to Prestige Estates Projects Limited.
Set to be completed in Q1 2018, the transaction is not expected to materially affect the group’s net tangible assets or earnings per share for the financial year ending 31 December 2017.
“Upon Completion, the special purpose vehicles and CRPMM will cease to be subsidiaries or associates of CapitaLand,” it said in an SGX filing.
This article was edited by Keshia Faculin.
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